The White House suspended 500% tariffs on Russian goods and sanctions on major energy importers, as the US offered an additional 17 million barrels of crude from its strategic reserve. Meanwhile, an IRGC mine explosion hit an oil supertanker in the Strait of Hormuz, pushing Brent crude prices to $110 per barrel.
Global market
The US Department of Energy offered 17 million barrels of crude from the Strategic Petroleum Reserve (SPR) as part of IEA emergency measures, reducing reserve stocks to 283 million barrels. Concurrently, ICE Brent crude futures rose to $110 per barrel for the first time since May as Middle East transit risks intensified. In maritime freight, the Baltic Dry Index dropped 1.3% to 2,515 points, recording its tenth consecutive daily decline. In energy forecasts, Rystad Energy projected that global reliance on imported energy will peak by 2034, while Baker Hughes data showed active US drilling rigs remained unchanged at 603 units.
Russia & CIS
US President Donald Trump signed an executive order freezing 500% tariffs and penalties against key importers of Russian energy under the Graham Act. Concurrently, the US Department of Energy delivered a list of US firms willing to import Russian diesel to Russian Vice Prime Minister Alexander Novak, even as a bill blocking the deal was introduced in the US Congress. In maritime transit, IRGC naval forces reported a supertanker carrying 2 million barrels of crude exploded after striking a mine in the Strait of Hormuz. Domestically, Russian Vice Prime Minister Alexander Novak estimated the domestic gasoline deficit at 5%, while Gazprom Neft announced plans to expand Northern Sea Route oil shipments by 35% in 2026.
Armenia
Russian Vice Prime Minister Alexander Novak highlighted ongoing engagement with EAEU partners regarding options for refining Russian crude oil at their facilities. Addressing Baku’s demands to decommission the Armenian Nuclear Power Plant, Armenian Prime Minister Nikol Pashinyan emphasized the importance of regional environmental cooperation. Meanwhile, European Commission President Ursula von der Leyen estimated the European energy crisis cost at €106 billion. Against this backdrop, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU agreements, shielding the domestic market from price volatility recorded by international market price assessments.